iPhone X order status: Apple is predicting a record holiday quarter and Wall Street is loving it

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iPhone X order status: Apple is predicting a record holiday quarter and Wall Street is loving it

Shares are up 3 percent after hours, an all-time high.

Apple’s most important number in its fourth-quarter financial results, just published: Its forecast for the current fiscal first quarter, which is both the launch period for the new iPhone X and the busy holiday shopping season.

And Apple says to expect record sales, between $84 billion and $87 billion, representing roughly 9 percent year-over-year growth at the midpoint. That’s in line with what Wall Street was expecting, and suggests Apple will be able to meet enough iPhone X demand to drive growth.

iPhone X orders “have already been very strong,” Apple CEO Tim Cook said on the company’s earnings call. He also said the supply ramp-up is “going well,” but “can’t predict” when supply will be in balance with demand.

Investors are pleased enough, and Apple shares are up more than 3 percent in after-hours trading, around $173.41 — representing an all-time high.

Apple’s earnings call, where the company is expected to offer some color on iPhone X sales, starts at 5 pm ET, 2 pm PT. We’ll be listening in and will update this post with more details.

As for the previous quarter, which includes the iPhone 8 launch last month, Apple shipped 46.7 million iPhones, generating $52.6 billion in total revenue — up 12 percent year over year — and $10.7 billion in profit.

That represents accelerating revenue growth, and Apple’s fourth quarter in a row of year-over-year growth.

Apple’s “other products” category, which includes the Apple Watch, Apple TV and AirPods, was its fastest growing percentage-wise, up 36 percent year over year to $3.2 billion. Cook says Apple Watch unit shipments grew 50 percent year over year for the third quarter in a row, though Apple does not disclose specific sales numbers for it.

Europe was Apple’s fastest-growing region last quarter, while China returned to growth — up 12 percent year over year — after six consecutive quarters of decline. Cook said Apple increased market share there for iPhone, Mac and iPad during the quarter. Meanwhile, India revenue doubled year over year, the company said.

Charts by Rani Molla.


Recode – All Go to Source
Author: Dan Frommer

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2017-11-03T03:00:40+00:00